9. What are the main contents of the Zhengshang Cotton Futures Contract?

A: The Zhengshang Cotton Futures Contract is as follows:

54. What is the difference between the No. 1 cotton contract and the No. 2 cotton contract of Zhengshang?

A: The main differences between the two contracts are:

(1) The base valuation is different: the base delivery location of the No. 1 cotton futures contract is Zhengzhou, Henan Province, and the base delivery location of the No. 2 cotton contract is Urumqi, Xinjiang.

(2) Different benchmark delivery products: The benchmark delivery product of the No. 1 cotton futures contract is 328B domestically-made serrated fine-wool white cotton stipulated by the National Cotton Standard (GB1103-1999); the benchmark delivery product of the No. 2 cotton futures contract is the national cotton standard (GB1103-1999) 228B grade domestic serrated fine velvet white cotton.

(3) The flow direction of warehouse receipts is different. The standard warehouse receipt formed in the designated delivery warehouse of No. 1 cotton can be used to replace delivery of the No. 2 cotton futures contract, replacing the same grade premium of 600 yuan/ton during delivery. However, the standard warehouse receipts formed in the designated delivery warehouse of cotton No. 2 cannot be used to replace delivery of cotton futures contract No. 1.

10. What is the difference between a cotton futures contract and a wheat futures contract?

Answer: Compared with the wheat contract, there are ten differences:

(1) Different contract classification: wheat is divided into two contracts according to different quality, cotton is divided into two contracts according to different regions;

(2) Different trading units: 10 tons per lot for wheat and 5 tons per lot for cotton; wheat is the net weight and cotton is the official weight;

(3) The minimum change price is different: wheat is 1 yuan/ton, cotton is 5 yuan/ton;

(4) The maximum daily price fluctuation limit is different: wheat is ± 3%, cotton is ± 4%;

(5) The minimum transaction margin ratio is different: 5% for wheat and 7% for cotton;

(6) The contract delivery month is different: wheat is delivered in a single month, and cotton is delivered in all months except February;

(7) The last trading day is different: wheat is the seventh last trading day of the delivery month, and cotton is the tenth trading day of the delivery month;

(8) Different delivery forms: wheat is a rolling delivery, cotton is a one-time delivery (the 12th trading day of the delivery month);

(9) The transaction fee is different: wheat is 2 yuan/hand, cotton is 8 yuan/hand;

(10) The standard delivery grades are different: wheat is the second-class national standard, and cotton is the national standard 328B (No. 1 cotton) and 228B (No. 2 cotton).